This depends on the reason you’re retiring.
Retiring before reaching ERRBO retirement age
Your pension benefits will be reduced. The reduction will be based on your ERRBO retirement age.
The reduction factors are available on the early retirement factsheet.
Claiming ill health retirement
You’ll receive your pension early and without reduction. The ERRBO will have no affect.
Your additional contributions will not be returned.
Redundancy or interests of efficiency (IOE)
If you're being made redundant, there’s a cost for claiming your pension without a reduction.
The cost will be lower as it’s based on your ERRBO retirement age.
Retiring after reaching ERRBO retirement age
You must continue to pay the ERRBO contributions until you retire or reach your normal pension age (NPA).
If you take your pension later than the date agreed on your ERRBO, the pension built up in the period of the agreement will be increased.
This is because it's paid later than your reduced retirement age.